BatteryTech News & Updates – 2024 #28

Welcome, EV enthusiasts and battery tech innovators! It is time for our weekly digest of significant advancements in worldwide battery tech and the electric vehicle industry. Happy reading! - Julian

???China's Battery Prices Plummet, Enabling Global Decarbonization

China has seen a dramatic 51% drop in lithium iron phosphate (LFP) battery prices over the past year, now averaging $53 per kilowatt-hour. This significant price reduction, driven by lower raw material costs, manufacturing overcapacity, and technological advances by leading companies such as CATL and BYD, positions electric vehicles (EVs) to be cheaper than internal combustion vehicles in most segments. The drop in battery prices is also benefiting the stationary energy storage market, with turnkey energy storage systems down 43% from last year. This trend highlights the immediate feasibility of decarbonizing road transport globally, as battery technology costs are now low enough to support widespread EV adoption and energy storage solutions.

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???SK On and Sakuu Join Forces to Advance EV Battery Production

South Korean battery giant SK On has announced a partnership with California-based Sakuu , a pioneer in 3D-printed solid-state batteries. At the heart of the partnership is Sakuu's Kavian platform, which uses a unique dry process and additive manufacturing to produce solvent-free batteries. This approach promises to deliver lower cost, higher performance and more environmentally friendly energy storage solutions. The company has already demonstrated a market-ready lithium metal cell chemistry and aims to achieve an annual production capacity of 200GWh by 2030.

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???PowerCo and QuantumScape Announce Agreement to Industrialize Solid-State Batteries

PowerCo , the battery company of the 大众 , has entered into an agreement with QuantumScape to industrialize next-generation solid-state lithium-metal battery technology. This landmark agreement grants PowerCo a non-exclusive license to mass-produce battery cells using QuantumScape's innovative technology, with a potential production capacity of up to 80 gigawatt hours per year - enough to power approximately one million vehicles per year. The partnership aims to combine QuantumScape's solid-state battery technology with PowerCo's global manufacturing expertise.?

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???VW Reportedly Establishes A Task Force For Northvolt Issues

Volkswagen has reportedly set up an internal task force to deal with ongoing production delays at Northvolt 's battery cell plant in northern Sweden, potentially jeopardizing their supply agreement. This development follows BMW's recent cancellation of a multi-billion euro order from Northvolt, citing quality and timing concerns. The German automaker is reportedly evaluating Northvolt's ability to meet its commitments and is exploring contingency plans. This situation has cast doubt on Northvolt's ambitious expansion strategy, including its planned factory in Heide, Germany.?

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?? BASF Reconsiders Battery Materials Expansion Amid EV Market Slowdown

Chemical manufacturer 巴斯夫 is reassessing its ambitious plans to expand its battery materials business due to slowing demand in the electric vehicle market. The company, which had planned to invest up to €4.5 billion in battery chemistry by 2030, is now taking a more cautious approach. BASF has canceled plans for nickel and cobalt production in Indonesia, pulled out of investment talks for a lithium mine in Chile and is reviewing a planned cathode plant in Canada. Despite the market challenges, BASF is sticking to its mid-term target of €7 billion in battery material sales by 2030.

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?? CustomCells and Group14 Technologies Sign Multi-Year Supply Agreement for Silicon Battery Material

CustomCells , a German battery manufacturer, and Group14 Technologies , a leading supplier of silicon battery materials, have signed a multi-year supply agreement valued at more than $300 million. The agreement secures CustomCells' access to Group14's advanced SCC55 silicon battery material beyond 2030. The agreement is designed to meet the growing demand for high-performance battery cells in the EV, eMobility and eAviation sectors. This collaboration is expected to significantly advance silicon-based battery technology and potentially transform energy storage capabilities across multiple industries.

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?? Mercedes-Benz Adjusts EV Battery Plans Amid Slower Demand

Mercedes-Benz AG is revising its electric vehicle (EV) battery production strategy in response to lower-than-expected demand. The German automaker is delaying plans to expand battery cell capacity, backing away from its previous goal of 200 GWh by 2030. The company is waiting for market signals before expanding capacity further. Despite the adjustment, Mercedes-Benz is emphasizing its continued commitment to electrification. The company is focused on advancing battery technology, including work on high-energy anodes and solid-state batteries, to improve EV performance and appeal.

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?? Mercedes-Benz Opens eCampus to Accelerate Battery Technology Development

Mercedes-Benz AG has opened its new eCampus at its Stuttgart-Untertürkheim headquarters, a state-of-the-art facility dedicated to the development and production of advanced battery technologies. The eCampus will focus on the development of high-performance cells with the aim of reducing battery costs by more than 30% in the coming years. Mercedes-Benz is working on various cell technologies, including lithium-ion cells with high-silicon anodes and solid-state batteries, with the goal of increasing energy density to up to 900 Wh/l. By the end of the year, the eCampus will also include a battery ramp-up factory and a test and proving center.?

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?? Panasonic Energy and University of Kansas Join Forces on EV Battery Innovation

Panasonic Energy of North America and The University of Kansas have signed a collaboration agreement to advance lithium-ion battery technology and develop specialized talent for the electric vehicle industry. This partnership coincides with Panasonic's construction of a new battery factory in De Soto, Kansas, which is expected to begin production in March 2025 with an annual capacity of 30 GWh. The partnership will focus on innovating battery technology and cultivating specialized talent to promote regional development and achieve a sustainable society.

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?? LG Energy Solution Reports Sharp Decline in Q2 Profits

South Korean battery maker LG Energy Solution (LGES) announced a significant drop in its second quarter performance. The company's operating profit plunged 58% year-on-year to 195.3 billion won ($142 million), while revenue fell 30% to 6.16 trillion won. LGES attributed the decline to a slowdown in electric vehicle (EV) sales and lower battery prices due to reduced raw material costs. The company believes that the current EV market is in a temporary "chasm" phase before widespread adoption. To address these challenges, LGES plans to focus on enhancing its competitiveness as a battery supplier.

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?? Toyota Invests In IONNA To Improve Access To Electric Vehicle Charging

Toyota North America has joined seven other automakers in investing in IONNA , an EV charging network, to expand charging infrastructure across North America. IONNA aims to install more than 30,000 charging ports by 2030, supporting both NACS and CCS connectors. This partnership will provide Toyota and Lexus customers with access to IONNA's DC fast chargers, encouraging BEV adoption and increasing customer confidence. By 2030, Toyota aims to offer 30 BEV models worldwide and produce up to 3.5 million BEVs annually.

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?? Entek Secures $1.2B DOE Loan for Indiana Battery Separator Facility

Entek Elektrik received a $1.2 billion conditional loan from the Department of Energy to build a lithium-ion battery separator manufacturing facility in Terre Haute, Indiana. This $1.7 billion project will strengthen the domestic EV battery supply chain and support the production of up to 1.9 million medium-duty electric vehicles annually. The facility is expected to create 763 construction jobs and 635 operational jobs, with production expected to begin in the second half of 2025.?

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?? Ford and Michigan Slash $750M in Subsidies for EV Projects

福特 and Michigan economic development officials have announced a drastic reduction of $750 million in public funding for two electric vehicle (EV) projects, citing market turbulence. The cuts affect subsidies for a new EV battery factory in Marshall, reducing proposed tax credits from $825 million to $225 million and slashing a $69 million public grant. Additionally, a $100.8 million grant intended to create 3,000 jobs has been entirely canceled.?

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As always, many thanks for reading. Don't forget to subscribe to receive weekly updates from “The Future Battery Technology”.